Bitcoin has begun a new decline against the US dollar, falling below the $40,000 level.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,500.
Bitcoin’s price fell below $40,500, putting it in a bearish zone.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,500.
The next significant resistance level could be $39,700, or the 23.6 percent Fib retracement level of the recent drop from the $42,950 swing high to the $38,700 low.
If Bitcoin fails to break through the $40,000 resistance level, it may continue to fall.